GOP Governor Kim Reynolds is following through on her pledges to help Iowa families, unveiling yesterday the most significant tax reform package in decades, including a 23% cut in income tax rates that would boost take home pay.
The Gazette reports that Reynolds’ plan would “cut Iowans’ personal income taxes by $1.7 billion by 2023, revamp rates by eliminating federal deductibility and equalize sales tax collections by treating Main Street and online businesses alike.”
“My plan combines meaningful tax relief while protecting our budget priorities,” Reynolds said. “We’ve prioritized tax relief for middle-class taxpayers, small business owners, teachers and working families across the state. We’re long past due for real tax reform that simplifies and updates our system while allowing Iowans to keep more of their hard-earned money in their communities.”
Kim Reynolds has promised relief for Iowa families, and the unveiling of her major tax relief package shows that she’s committed to delivering on her promise.
The Gazette: Gov. Kim Reynolds Unveils Her Plan For Tax Relief
Gov. Kim Reynolds unveiled a significant tax reform package Tuesday that seeks to cut Iowans’ personal income taxes by $1.7 billion between now and 2023, revamp rates by phasing out federal deductibility and equalize sales tax collections by treating Main Street and online merchants alike.
Calling her plan the “most significant tax reform package in decades,” Reynolds said her proposal to the Iowa Legislature would provide immediate relief to middle-class families, small-business owners, farmers and teachers starting in tax year 2019.
“My plan combines meaningful tax relief while protecting our budget priorities,” Reynolds said in a statement.
Legislative Republicans hailed it as a good starting point but one they may want to accelerate and compress into fewer brackets. Democrats questioned its affordability and its failure to address the issue of corporate tax credits.